United Lithium Corp (CSE:ULTH, OTC:ULTHF) told investors it has expanded its project portfolio with the addition of three highly prospective lithium properties in Finland and Sweden.
The lithium project explorer and developer said it has acquired the rights to the 54,400-hectare Kova and the 13,900-hectare Kast properties in Finland, as well as the 14,000-hectare Axmarby property in Sweden.
All three properties are located within “highly prospective geological terrains with potential to host lithium-bearing pegmatites,” the company said.
The acquisition increases its Nordic holdings by almost 300%, United Lithium said.
It gained the rights to the properties via the acquisition of two private companies PR1 Finland Oy, a wholly owned Finnish subsidiary of Pure Resources, and Canada-based Scandinavian Battery Metals.
In consideration, the company paid A$20,112 to Pure Resources and C$40,050 and US$110,984 to a third party, arm’s length vendor.
The Axmarby property is royalty-free. Pure Resources will retain a 2% net smelter returns royalty on the Kast and Kova properties, subject to a buyback right in favor of United Lithium.
United Lithium CEO Scott Eldridge highlighted that the demand for raw materials to support decarbonization in Europe, which has the world’s second-largest EV market, presents an opportunity for the company and its shareholders.
“The acquisition of three new properties increases our holdings within the underexplored Nordics in geological settings similar to the Keliber Lithium Mine, which is currently being built,” Eldridge said.
“Axmarby, in Sweden, is situated immediately north of our flagship Bergby project and shares the same key infrastructure. Furthermore, the acquisition of Kast and Kova add additional prospective opportunities to our portfolio of properties in Finland.”